Total net absorption was 30.7 thousand sqm, the largest since 3Q2018. However, because of the slow-down in the first quarter, this indicator stands at 18 thousand sqm, unchanged since last year. Gross absorption also was higher, ending the quarter at 51 thousand sqm.
Although tenants continue to return spaces, for the first time this year they did not exceed new transactions; thus, the vacancy rate dropped from 34.3% to 32.7%, the lowest it has been since 2016. The average asking monthly rent in Rio de Janeiro was R$ 75,45/sqm, almost unchanged compared to the previous quarter.Download Rio de Janeiro Office Market Report Q3 Q3 2023